Cash purchase from credit card

phatpigeon

Hey folks,

I've just activated a NatWest World MasterCard (I tried to post a link to NW's website, but as a new user links aren't allowed) and need to make a £700 purchase (I have an £800 limit which I asked to be reduced from £1200). The problem is it's a private purchase (car) and the seller has asked for cash ideally. How can I get the £700 to them without being stung by the cash advance interest? The card has 0% on both purchases and balance transfers for 13 months, but as this is my first card I don't know the tricks to best make use of them. I've explained to the seller the situation and we're both happy to wait until the funds have cleared and confirmed before I drive away with the car.

Any advice would be greatly appreciated.

opinions4u

Other than finding £700 of normal purchase spending on the card to free up the cash, I think you're stuffed.

Most cards also have a cash advance limit that is lower than the total credit limit.

chattychappy

Ask Natwest if they will do a transfer to your current account on the same basis - ie 0% for 13 months. The fee might be higher,

Else it's not easy.

The only way I can think of is to get a second card, get a cash advance on that, and then transfer the balance to your NatWest card. You will likely pay a cash advance fee and the BT fee, but at least there won't be interest. If you got Halifax Clarity then there wouldn't be a cash advance fee and you need only pay a few days' interest.

There are limits to how much cash you can pull out, though.

I believe you can also get an M&S credit card and pay your friend with travellers cheques (or cash them yourself). Someone else will know how it works.

phatpigeon

I was wondering if there was a way to put £700 into my paypal as a purchase, but then withdraw the funds to my bank account? Perhaps if I had a 2nd paypal account linked to my credit card and gifted myself £700.

reclusive46

phatpigeon wrote: »

I was wondering if there was a way to put £700 into my paypal as a purchase, but then withdraw the funds to my bank account? Perhaps if I had a 2nd paypal account linked to my credit card and gifted myself £700.

The transaction would normally be treated as a cash advance.

phatpigeon

Hmm ok. If I can convince the seller to use Paypal and I'll cover any extra fees would that work as a purchase or a cash advance? I've spent some time on google trying to find this out but there seems to be conflicting advice as to whether PP purchases are seen by the creditor as a purchase or an advance.

jonesMUFCforever

If I was the seller I would be telling you exactly where to go!
Why should he/she go to the inconvenience of using Paypal because basically you are trying to buy something you cannot afford?

phatpigeon

Because it means they'll get £700 more than they currently have and will no longer have 1 car more than they want. What inconvenience is a few clicks of a mouse on Paypal? Like I said, the seller ideally wants cash, and this is me trying to accommodate that without getting stung by it. You have to be able to accept payments by paypal on eBay anyway! Thanks for your input though...

tlh858

It's a well known scam on ebay where people pay for expensive collection only items with PayPal.

The car seller wants cash, because if you pay with PayPal, you could quite easily dispute the transaction later on and get the £700 back, as the seller will have no proof of delivery for the car.
Offering to pay the transaction fees will make it seem even worse - since a scammer wouldn't care about fees they won't actually be paying.

Opening a second PP account and sending money to yourself won't work either, because PayPal will of course notice this, and consider it suspicious behaviour, and if you are lucky they will block the transaction.
They could just as easily close both of the accounts and ban you from using any their services. Or report you for money laundering.

jonesMUFCforever

tlh858 Thank you - saved me having to type out the same reply.

phatpigeon

You've forgetting the simple fact that I'm not actually a scammer... I'd happily sign a receipt on collection of the car to say I've taken it so that they're covered. In any case it's a car and it'd be staying in the UK, so the DVLA would have to be notified of my details which is done by the current owner and which I would have no way of avoiding him doing. I can appreciate what you're trying to say, but it's completely irrelevant in this case.

Thanks for the advice. I'll figure something out.